RBB Bancorp assumed with a Neutral at Piper Sandler

Piper Sandler assumed coverage of RBB Bancorp with a Neutral rating with a price target of $21, up from $19. The firm views RBB as being in the late innings of getting its regulatory house back in order and a balance sheet that is on the verge of restoring relationship oriented growth with net interest income/net interest margin inflecting, credit issues contained, and significant excess capital to support a step-up in buyback activity and eventually accretive M&A. Piper remains on the sidelines due to valuation, with the shares already discounting the leveraging of its excess capital.